Part One: Analysis of Core Events<\/p>\n
1. The first commercial aerospace stock on the Beijing Stock Exchange-Zhongke Xingtu Measurement and Control Technology Co., Ltd.<\/p>\n
(1) Listing overview<\/p>\n
On January 2, 2025, Zhongke Xingtu Measurement and Control Technology Co., Ltd. publicly issued shares and was listed on the Beijing Stock Exchange. The stock code is 920116 and the issue price is 6.92 yuan\/share. The initial number of shares issued is 27.5 million shares (excluding over-allotment options), raising 191 million yuan. The issuer and the lead underwriter used the over-allotment option, and the number of shares issued using the over-allotment option was 4.125 million shares. If the over-allotment option is exercised in full, the total amount of funds raised will be 219 million yuan.<\/p>\n
(2) Overview of the actual controller<\/p>\n
The controlling shareholder of Star Map Measurement and Control is Zhongke Star Map Co., Ltd., and the actual controller is the Aerospace Information Innovation Institute of the Chinese Academy of Sciences. Zhongke Xingtu controls 46.36% of the total voting shares. More than half of the nine directors on the company’s board of directors are nominated by Zhongke Xingtu.<\/p>\n
(3) Overview of core technologies<\/p>\n
Star Map Measurement and Control has developed the Insight series of aerospace application products with independent intellectual property rights, independent controllability, and national production. Relying on core technologies such as spacecraft high-precision orbit, attitude, and control calculations, intelligent planning and dispatching of measurement and control resources, satellite full life cycle health management, integrated design of measurement and control equipment, and intelligent management and control, it has overcome key problems such as high-precision algorithms for aerospace dynamics, multi-type measurement and control resource equipment scheduling, parallel management of giant constellations, and construction of integrated full-function ground stations, and strives to gradually realize the international mainstream aerospace analysis software STK product substitution.<\/p>\n
(4) Performance after listing<\/p>\n
On the first day of listing, Xingtu Measurement and Control opened at 45 yuan per share, an increase of 550.3%, and closed at 35.1 yuan per share, an increase of 407.23%. Despite the astonishing increase on the first day, during the implementation period of the over-allotment option (January 2 to January 31, 2025), CITIC Securities, the lead underwriter, did not buy shares through the secondary market to stabilize the stock price. As of February 2025, the total share capital of Xingtu Measurement and Control has increased to 114.125 million shares, with the circulating shares accounting for 27.71%, and the market value has further expanded.<\/p>\n
2. Hainan Shangfa Phase II project has started, and my country will add 2 new liquid launch stations<\/p>\n
(1) Overview of the second phase project<\/p>\n
On January 25, 2025, the second phase of the Hainan Commercial Space Launch Site project started construction. Hainan Shangfa Phase II project has a total land area of \u200b\u200bmore than 2,000 acres and is adjacent to Shangfa Phase I project. The second phase of the project adopts the “three-level” test and launch model, mainly constructing the launch area, technical area and Gusong measurement and control station. The launch area will build two liquid rocket launch stations No. 3 and No. 4, and will be equipped with propellant filling systems, gas supply systems, etc.; the technical area will build command and control centers, rocket assembly and testing plants and other facilities. In addition, a new launch area measurement and control system will be built, and the meteorological system, communication system, C3I system, etc. will be renovated and expanded. The Hainan Commercial Development Phase II project will greatly enhance its comprehensive launch capabilities, meet my country’s current growing commercial launch needs, and provide sufficient exploration space for the development of new reusable rockets.<\/p>\n
(2) Overview of the first phase project<\/p>\n
The Hainan Commercial Space Launch Site is located in Dongjiao Town, Wenchang City, Hainan Province. It is the first commercial space launch site under construction in China. The launch site includes the technical area and the launch area, with a total area of \u200b\u200b133.33 hectares. The Hainan Commercial Space Launch Site project is invested and constructed by Hainan International Commercial Space Launch Co., Ltd. and constructed by Long March Space Launch Technology and Special Vehicle Equipment Co., Ltd. The special fuel and special gas supporting project is invested and constructed by Guangdong Jiufeng Energy Group Co., Ltd. The project covers an area of about 98 acres, including one set of 9,400 tons\/year liquid methane purification device, one set of 333 tons\/year hydrogen production and hydrogen liquefaction equipment, a set of 48,000 tons\/year liquid oxygen and 48,000 tons\/year liquid nitrogen air separation preparation equipment, a set of 384,000 standard cubic meters\/year helium storage and liquid helium vaporization equipment, a set of 7,114 tons\/year aerospace kerosene storage device, etc., as well as supporting public works and auxiliary facilities. In order to adapt to the growing demand for satellite networking, the two liquid launch stations at the Hainan International Commercial Space Launch Center are designed to launch 16 times per year. The Hainan Commercial Launch Phase I project started construction on July 6, 2022, and was fully completed in just 878 days. It was successfully launched on November 30, 2024, filling the gap in China’s commercial launch sites and significantly improving China’s space launch capabilities.<\/p>\n
(3) Introduction to the two completed liquid hair stations<\/p>\n
1.Workstation No. 1<\/p>\n
The Shangfa No. 1 liquid engine station is designed according to the adaptability of the Long March 8 rocket. On July 6, 2022, a groundbreaking ceremony was held for Station No. 1. On December 29, 2023, Station No. 1 was officially completed. The first flight of the Shangfa No. 1 station is expected to be the Long March 8 carrier rocket. The Long March 8 carrier rocket has completed launch site training at the Shangfa No. 1 station in Hainan. The Long March 8 was developed by the First Academy of Aerospace Science and Technology and made its first flight in 2020, filling the gap in my country’s 3-5 tons sun-synchronous orbit carrying capacity.<\/p>\n
2.Workstation No. 2<\/p>\n
Shangfa No. 2 liquid launch station is a universal liquid launch station, taking into account more than a dozen rocket models from 9 rocket companies. On October 30, 2022, construction of Station No. 2 officially started. On June 6, 2024, Work Station No. 2 was officially completed. At 22:48 on November 30, 2024, the Long March 12 made its first flight at the Commercial Development Station No. 2. This launch was the first launch mission guaranteed by the Commercial Development Station No. 2. Long March 12 was developed by the Eighth Academy of Aerospace Science and Technology, with a carrying capacity of not less than 10 tons in low-Earth orbit and not less than 6 tons in a 700-kilometer sun-synchronous orbit.<\/p>\n
3. Hainan Commercial Development Corporation issued a bidding announcement for a reusable rocket maritime recovery system, and made an in-depth layout of the rocket maritime recovery business.<\/p>\n
(1) Details of bidding announcement<\/p>\n
1. Offshore recovery ship<\/p>\n
The bidding control price is 295.83 million, the planned construction period is 671 calendar days, the bidding deposit is 500,000, and the deadline for submission of bidding documents is 9:30:00 am on February 17, 2025.<\/p>\n
2. Telemetry control system<\/p>\n
The bidding control price is 32.04 million, the planned construction period is 480 calendar days, the bidding deposit is 400,000, and the deadline for submission of bidding documents is 10:30:00 am on February 17, 2025.<\/p>\n
3. Shipboard communication system<\/p>\n
The bidding control price is 20.28 million, the planned construction period is 300 calendar days, the bidding deposit is 200,000, and the deadline for submission of bidding documents is 10:30:00 am on February 17, 2025.<\/p>\n
4. Command and control ship<\/p>\n
The bidding control price is 463.42 million, the planned construction period is 671 calendar days, the bidding deposit is 800,000, and the deadline for submission of bidding documents is 9:30:00 am on February 18, 2025.<\/p>\n
(2) Overview of the development of reusable rockets in my country<\/p>\n
1. Looking at the development of reusable rockets in my country from landmark events<\/p>\n
On August 10, 2019, Lingke Aerospace completed the third launch and vertical recovery test of the kilometer-level recyclable rocket “RLV-T5”. The flight altitude reached 300.2 meters. As my country’s first private aerospace company to complete a low-altitude flight recovery test of a liquid rocket, this rocket vertical recovery test kicked off the commercial company’s research on vertical recovery technology.<\/p>\n
On July 23, 2021, Deep Blue Aerospace completed the first 10-meter vertical takeoff and vertical landing (VTVL) flight test of a domestic liquid oxygen kerosene rocket. On October 13, 2021, Deep Blue Aerospace completed the 100-meter VTVL vertical recovery flight test.<\/p>\n
On May 6, 2022, Deep Blue Aerospace successfully completed the kilometer-level VTVL flight test, making it the second company in the world to complete the kilometer-level vertical recovery and reuse test of a liquid oxygen kerosene rocket.<\/p>\n
In August 2022, Interstellar Glory completed the full-arrow drop shock test of the Hyperbolic 2 (SQX-2Y) verification rocket.<\/p>\n
From January to March 2023, China Aerospace continued to conduct vertical recovery demonstration flight tests in Haiyang, Shandong, and successively carried out land launch recovery and sea splash recovery, both of which were successful.<\/p>\n
On November 2, 2023, Interstellar Glory’s Hyperbola II verification rocket completed the 100-meter VTVL flight test for the first time at the Jiuquan Satellite Launch Center, becoming the first full-scale one-stage VTV flight test of a liquid rocket in China.<\/p>\n
On January 19, 2024, the Zhuque-3 VTVL-1 reusable vertical takeoff and landing recovery verification rocket independently developed by Blue Arrow Aerospace was ignited and launched into space at the Jiuquan Satellite Launch Center in my country. The test mission was a complete success.<\/p>\n
On June 23, 2024, the Eighth Academy of Aerospace Science and Technology Group conducted my country’s first ten-kilometer vertical takeoff and landing test of a recyclable rocket at the Jiuquan Satellite Launch Center.<\/p>\n
On September 11, 2024, Blue Arrow Aerospace\u2019s Zhuque-3 VTVL-1 reusable vertical take-off and landing recovery test arrow successfully completed a ten-kilometer vertical take-off and landing return flight test at the Jiuquan Satellite Launch Center.<\/p>\n
On September 22, 2024, DeepBlue Aerospace conducted a high-altitude vertical recovery flight test of the first stage of the Nebula-1 rocket. The entire early stage of the test went relatively smoothly, but an abnormality occurred in the first-stage rocket body during the final landing stage, resulting in the test mission not being completely successful.<\/p>\n
At around 11:00 on January 19, 2025, the 75-kilometer vertical take-off and landing flight test of the “Dragon-2” verification rocket of the Eighth Institute of Aerospace Science and Technology was carried out at the Dongfang Space Port in Haiyang, Shandong. The Longxing-2 experimental arrow is a 3.8-meter-diameter VTVL test arrow. The power system is a three-machine parallel 70-ton Longyun liquid oxygen methane engine. This test is my country’s first attempt to verify vertical recovery at a height of 75 kilometers.<\/p>\n
2. Looking at the development of reusable rockets in my country from the perspective of invention patents<\/p>\n
At present, more than a dozen commercial rocket companies in China have applied for patents related to rocket recovery, including: Blue Arrow Aerospace, Tianbing Technology, Interstellar Glory, Eastern Space, China Science and Technology Aerospace, Science and Technology Rockets, Galaxy Power, Zero-One Space, Lingkong Tianxing, Aerospace Engine, Lingke Aerospace, Jiuzhou Cloud Arrow, Deep Blue Aerospace and Jianyuan Technology. In terms of the number of disclosed patents, Blue Arrow Aerospace ranks first in rocket recovery-related patents, Science and Technology Rockets ranks second, and Interstellar Glory ranks third. Other rocket companies have only made a small number of patent arrangements in rocket recovery-related technologies. In terms of authorized inventions, Blue Arrow Aerospace ranks first, Interstellar Glory ranks second, and Lingkong Tianxing ranks third. However, the total number of patent applications and authorizations for Science and Technology Rockets is relatively large, and it is expected that the number of patent authorizations will increase significantly in the future. Galaxy Power and China Aerospace have relatively few invention patents related to rocket recovery, which may be related to the fact that the two companies focused on solid rockets in the initial stage of development. In addition, Oriental Space is also actively deploying technologies related to rocket recovery. In 2023, the company’s number of patent applications related to reusable rocket technology suddenly increased. Judging from the time of patent applications, 2019-2022 is an intensive period for various rocket companies to apply for reusable rocket patents. During this period, each company has laid out its layout in the field of rocket recycling, with Blue Arrow Aerospace, Interstellar Glory and Lingkong Tianxing as the main representatives. Oriental Space suddenly increased in 2023. As an important intellectual property right, patent rights are an important indicator of a company’s innovation capabilities. Judging from the number of patents, the number of patent applications for Blue Arrow Aerospace, Science and Technology Rockets, and Interstellar Glory is significantly higher than that of other companies. Oriental Space’s rocket recovery-related patents will increase significantly in 2023, indicating that Oriental Space has accelerated the progress of rocket recovery-related development work.<\/p>\n
3. Overview of some commercial reusable rockets in my country<\/p>\n
(1) Tianlong 3 (TL-3): Tianlong 3 is a reusable liquid oxygen kerosene launch vehicle developed by Tianbing Technology. It has a take-off thrust of 770 tons and can be reused 10 times. Nine Tianhuo-12 (TH-12) liquid oxygen kerosene engines are installed on the first level. The second level is equipped with a vacuum version of Tianhuo-12 (TH-12V) liquid oxygen kerosene engine. The Tianhuo-12 has a vacuum thrust of 1350 kN and a sea level thrust of 1090 kN.<\/p>\n
(2) Zhuque 3 (ZQ-3): Zhuque 3 is a reusable liquid oxygen methane launch vehicle developed by Blue Arrow Aerospace. It uses a stainless steel rocket body and is equipped with 4 sets of landing legs and 4 sets of grid rudders. One sub-stage is recyclable. The take-off thrust is 900 tons, with nine TQ-12A engines installed on the first stage and one TQ-15A vacuum engine on the second stage. The TQ-12A sea level thrust is 7200KN, and the TQ-15A vacuum thrust is 836 kN.<\/p>\n
(3) Hyperbolic 3 (SQX-3): Hyperbolic 3 is a reusable liquid oxygen methane launch vehicle developed by Interstellar Glory. It can land vertically at land recovery sites and sea recovery platforms. It has return-to-site recovery and off-route recovery capabilities. One sub-stage can be reused no less than 20 times. The first sub-stage is equipped with nine Focus-2 (JD-2) 85-ton liquid oxygen methane engines, and the second sub-stage is equipped with one Focus-2 (JD-2) vacuum version engine. The vacuum thrust of Focus 2 is 105t and the sea level thrust is 85t.<\/p>\n
(4) Pallas 1: Pallas 1 is a two-stage liquid plus advanced upper stage reusable launch vehicle developed by Galaxy Power. The first stage uses seven CQ-50 (CQ-50) liquid oxygen\/kerosene engines, with a total sea level thrust of 350 t, and the second stage uses a single vacuum version of the CQ-50 (CQ-50V) liquid oxygen\/kerosene engine, with a vacuum thrust of 60 t. The third stage uses a 5000 N or a 2500 N normal temperature liquid engine. The “King Qiong” liquid oxygen\/kerosene engine has a rated thrust of 40 tons at sea level, a maximum thrust of 50 tons at sea level, and a minimum thrust of 10 tons at sea level (variable thrust ratio 4:1). Reusable 50 times.<\/p>\n
(5) Gravity 2: Gravity 2 is a medium-to-large launch vehicle developed by Oriental Space with the main features of extreme cost-effectiveness, high-orbit launch, and core-stage recovery. It has a take-off thrust of 990t, and the first-stage core can be recycled and reused. It is equipped with 9 Force-85 liquid oxygen kerosene engines, and the second-stage core is equipped with 1 Original Force-85 vacuum version liquid oxygen kerosene engine. The Force-85 engine has a sea level thrust of 85t, a vacuum thrust of 95t, and a thrust adjustment capability of 50%-110%.<\/p>\n
(6) Yuanxingzhe 1 (XZY-1): Yuanxingzhe 1 is a reusable liquid oxygen methane launch vehicle developed by Arrow Technology, using a stainless steel structure. The first sub-stage is equipped with 9 Longyun (LY-70) liquid oxygen methane engines. A single Longyun engine has a thrust of 70 tons at sea level, and a single arrow can be reused 20 times. It was recovered immediately after its first flight, using sea splash recovery.<\/p>\n
(3) The significance of Hainan Commercial Development\u2019s bidding<\/p>\n
Developing launch vehicles costs a lot of money, and cost is one of the main factors restricting the development of the aerospace industry. With the development of aerospace technology, reducing the commercial cost of launch vehicles and meeting market needs is the key to the large-scale commercial application of launch vehicles, and it is also the cornerstone of building the entire commercial aerospace ecosystem. The technical solutions for the next-generation launch vehicles under development by China and the United States are all reusable rockets, indicating that the wave of reusable technology has completely swept the entire commercial rocket industry. Musk has captured approximately 70% of the current world commercial launch service market through the Falcon 9 reusable rocket. With such a huge advantage, other rocket companies will not be able to survive in the market if they do not develop reusable rockets and reduce rocket development costs.<\/p>\n
Maritime recovery facilitates adjustment of the recovery area, and the return landing point can be adjusted and determined based on each launch trajectory, orbit entry altitude, flight trajectory, etc. In addition, recovery at sea can also facilitate the improvement of carrying capacity. There is no need to return to a position close to the launch point. The return landing point can be selected along the launch trajectory, which facilitates the optimization of the return trajectory, saves propellant, and improves the carrying capacity. The most important thing is that offshore recovery is easy to control safely, and the surrounding area of \u200b\u200bthe offshore platform is open. Once recovery fails, the damage caused will be limited. Therefore, the construction of a launch vehicle maritime recovery system is crucial to the development of my country’s reusable rockets.<\/p>\n
Hainan Commercial Development\u2019s public bidding for a reusable rocket maritime recovery system shows that the construction of its maritime recovery system has entered a stage of rapid development. Once the relevant systems are completed, it will further improve my country\u2019s ability to enter, utilize and control space.<\/p>\n
Part Two: Important Industry Events<\/p>\n
1. Important personnel adjustments<\/p>\n
(1) Shan Zhongde is appointed director of the National Space Administration<\/p>\n
In January 2025, Shan Zhongde was appointed as the director of the National Space Administration, and concurrently serves as the director of the State Atomic Energy Agency and the party secretary and director of the State Administration of Science, Technology and Industry for National Defense.<\/p>\n
1. Basic information: Born in January 1970 in Gaomi, Shandong Province, member of the Communist Party of China, Doctor of Engineering, researcher, and doctoral supervisor.<\/p>\n
2. Educational background: Graduated from Xi’an University of Technology with bachelor’s and master’s degrees. In 2002, he received his PhD from the Department of Mechanical Engineering of Tsinghua University.<\/p>\n
3. Professional resume: After graduation, he served as Vice President of the General Institute of Mechanical Science and Deputy General Manager of the General Institute of Mechanical Science Group Co., Ltd. In November 2019, he was elected as an academician of the Chinese Academy of Engineering. In 2020, he was appointed as the President of Nanjing University of Aeronautics and Astronautics. In 2023, he was appointed as the Secretary of the Party Committee of Nanjing University of Aeronautics and Astronautics. In February 2024, he served as a member of the Party Leadership Group and Deputy Minister of the Ministry of Industry and Information Technology. At the end of the same year, he served as Party Secretary and Director of the State Administration of Science, Technology and Industry for National Defense.<\/p>\n
(2) Liang Baojun is appointed as the general manager (actual person in charge) of China Star Network<\/p>\n
On the morning of January 17, 2025, China Star Network Group Corporation held a leadership team (enlarged) meeting. It was announced at the meeting that Liang Baojun, general manager of China Telecom, was appointed as general manager (in charge) of China Satellite Network Group Co., Ltd.<\/p>\n
1. Basic information: Born in October 1969 in Pingyao, Shanxi Province, a member of the Communist Party of China and a professor-level senior engineer.<\/p>\n
2. Educational background: Graduated from Changchun University of Posts and Telecommunications in 1991, majoring in communications engineering, with a bachelor’s degree; graduated from Beijing University of Posts and Telecommunications, majoring in management engineering, with a master’s degree in 1998; in 2006, obtained an Executive Master of Business Administration (EMBA) degree from Tsinghua University School of Economics and Management.<\/p>\n
3. Professional resume: He started working in August 1991 and served successively as director of the marketing department of China Telecom Co., Ltd. Beijing Branch, deputy general manager and party member of China Telecom Group Beijing Telecom Company. In 2012, he was promoted to General Manager and Party Secretary of Henan Telecom Branch of China Telecom Group Corporation through group competition. In 2014, he was transferred to the headquarters of China Telecom Group and served as the general manager of the Enterprise Information Division. In 2016, he was transferred to General Manager of the Government and Enterprise Customer Business Department of China Telecom Group Corporation. From December 2017 to May 2024, he served as deputy general manager and party member of China United Network Communications Group Co., Ltd. On May 22, 2024, he served as director, general manager and deputy party secretary of China Telecom Group Co., Ltd. On July 12, 2024, he served as President and Chief Operating Officer of China Telecom Co., Ltd.<\/p>\n
2. Launch record<\/p>\n
(1) China\u2019s first aerospace flight in 2025-Long March 3B carrier rocket<\/p>\n
At 04:00 on January 7, 2025, the Long March 3B carrier rocket developed by the First Academy of Aerospace Science and Technology was successfully launched at the Xichang Satellite Launch Center. The rocket carried the Shijian-25 satellite. The Shijian-25 satellite was developed by the Eighth Academy of Aerospace Science and Technology.<\/p>\n
(2) The first sea launch in 2025-Jielong 3 carrier rocket<\/p>\n
At 11:00 on January 13, 2025, the Jielong-3 carrier rocket developed by the First Academy of Aerospace Science and Technology was successfully launched in the sea near Haiyang, Shandong Province. The rocket used the “one arrow and ten satellites” method to carry 10 satellites of the Microspace 01 group.<\/p>\n
(3) Launch of the Long March-2D carrier rocket<\/p>\n
At 12:07 on January 17, 2025, the Long March-2D carrier rocket developed by the Eighth Academy of Aerospace Science and Technology was successfully launched at the Jiuquan Satellite Launch Center. The rocket carried Pakistan’s PRSC-EO1 satellite, Tianlu-1 satellite, and Blue Carbon-1 satellite in a “three-star rocket” method. Pakistan’s PRSC-EO1 satellite was developed by the Pakistan Space and Upper Atmosphere Research Council. The Tianlu-1 satellite was developed by Galaxy Aerospace, and the user is the Jianghuai Frontier Technology Collaborative Innovation Center. The Blue Carbon-1 satellite is managed by Hangzhou University of Electronic Science and Technology of China. The satellite platform is developed by Shitong Daoyu, and the payload is developed by Hangzhou Advanced Research Institute.<\/p>\n
(4) The first flight of a private rocket company in 2025 – Ceres 1 (Remote 16)<\/p>\n
At 18:11 on January 20, 2025, the Ceres-1 (Yao-16) carrier rocket developed by Galaxy Power was successfully launched from the Jiuquan Satellite Launch Center. The rocket carried a total of five satellites, Yunyao-1 37-40 and Jitianxing A-05. Jitianxing A-05 satellite is jointly developed by Suzhou Jitianxingzhou Space Technology Co., Ltd. and Zhongke Ruige (Yantai) Technical Services Co., Ltd.<\/p>\n
(5) Launch of Long March 3B carrier rocket<\/p>\n
At 23:32 on January 23, 2025, the Long March 3B carrier rocket developed by the First Academy of Aerospace Science and Technology was successfully launched from the Xichang Satellite Launch Center. The rocket carried the communication technology test satellite No. 14. Communication technology test satellite No. 14 was developed by the Eighth Academy of Aerospace Science and Technology.<\/p>\n
3. Other important events<\/p>\n
(1) Breakthrough in aerospace technology – my country has achieved “three tests a day” of engines for the first time<\/p>\n
At 9:43, 10:47, and 12:06 on January 19, 2025, two 120-ton liquid oxygen and kerosene rocket engines and one 18-ton liquid oxygen and kerosene rocket engine conducted ignition tests in the Baolongyu test area of \u200b\u200bthe 165th Institute of Aerospace Science and Technology. The test was a complete success. The success of this test marks the first time that my country has achieved “three tests a day” of a liquid oxygen kerosene rocket engine. Engine testing is an indispensable part of the rocket engine development process. Through a series of digital reforms, Institute 165 has shortened the preparation time for the liquid oxygen kerosene rocket engine process acceptance test from 5 days to 2 days, which has greatly improved the batch production and delivery capabilities of my country’s new generation launch vehicle main engine. It is crucial to support the constellation networking plan for high-frequency launches in the future.<\/p>\n
(2) Investment and Financing Events: Beijing Hangxing Transmission Technology Co., Ltd. completed A+ round of financing<\/p>\n
On January 6, 2025, Beijing Hangxing Transmission Technology Co., Ltd. announced the completion of the A+ round of financing. This financing was exclusively invested by BoCom Capital. The biggest highlight of this financing is that this is the first consecutive financing for Hangxing Transmission in two months. In November 2024, Navigation Star Transmission completed its Series A financing, which was led by Shenzhen Venture Capital and followed by old shareholders CITIC Construction Investment and Guoyi Capital. Hangxing Transmission mainly provides servo products. Since its establishment, Hangxing Transmission has provided 12 categories, totaling more than 100 sets of servo system products, to leading rocket companies such as Star Glory, Science and Technology Rockets, Galaxy Power, and Deep Blue Aerospace.<\/p>\n
(3) Satellite application exploration: Qianfan Constellation carries out smart agriculture demonstration applications<\/p>\n
In January 2025, Qianfan Constellation launched a number of commercial demonstration applications of smart agricultural industry solutions in Hong Kong. Where the entire commercial aerospace industry will eventually go and how far it can go, the exploration of the application end is crucial. If the application end cannot realize profits, the rocket and satellite manufacturing industry chain will not be able to complete the commercial closed loop. The support provided by Qianfan Constellation for agricultural Internet of Things technology is not only an innovative application in the field of smart agriculture, but also an active exploration of the low-orbit satellite Internet application industry chain.<\/p>\n","protected":false},"excerpt":{"rendered":"
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